USD/CAD consolidating in a trading range of 1.3085 – 1.3056 as we can see in the trading chart given below. Volatility is still low, as traders await CPI & Retail Sales a couple of hours.

Fundamentals:

CAD: Core CPI m/m
Previous: 0.0%
Forecast: 0.2%
The gain in CPI is likely to strengthen CAD, causing sell in USDCAD.

USD: Core Retail Sales m/m
Previous: -0.8%
Forecast: 0.5%
The gain in Retail Sales is likely to strengthen CAD, causing sell in USDCAD.

Technical Levels:

S: 1.2946 1.2985 1.3009
Pivot: 1.3047
R: 1.3086 1.3110 1.3148

Analysis:

– Breakage below 1.3056 is likely to lead the market to next target level of 1.3020 & 1.3000
– Breakage of resistance @ 1.3080 is likely to lead the market towards 1.3147.


Recommendation:

Good to sell below 1.3056
SL: 1.3090 TP: 1.3000/ 1.2960

Scalp Alert USDCAD

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